Meritage Portfolio Management Purchases 172,005 Shares of CareTrust REIT, Inc. $CTRE

Meritage Portfolio Management increased its position in CareTrust REIT, Inc. (NASDAQ:CTRE) by 703.5% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 196,456 shares of the real estate investment trust’s stock after buying an additional 172,005 shares during the period. Meritage Portfolio Management’s holdings in CareTrust REIT were worth $6,012,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in CTRE. Parallel Advisors LLC increased its holdings in CareTrust REIT by 109.5% in the second quarter. Parallel Advisors LLC now owns 1,100 shares of the real estate investment trust’s stock worth $34,000 after buying an additional 575 shares during the last quarter. Fifth Third Bancorp increased its holdings in CareTrust REIT by 217.5% in the first quarter. Fifth Third Bancorp now owns 1,978 shares of the real estate investment trust’s stock worth $57,000 after buying an additional 1,355 shares during the last quarter. Twin Tree Management LP acquired a new position in CareTrust REIT in the first quarter worth approximately $58,000. CWM LLC increased its holdings in CareTrust REIT by 47.6% in the second quarter. CWM LLC now owns 2,955 shares of the real estate investment trust’s stock worth $90,000 after buying an additional 953 shares during the last quarter. Finally, GF Fund Management CO. LTD. increased its holdings in CareTrust REIT by 26.6% in the first quarter. GF Fund Management CO. LTD. now owns 3,548 shares of the real estate investment trust’s stock worth $101,000 after buying an additional 746 shares during the last quarter. Institutional investors and hedge funds own 87.77% of the company’s stock.

CareTrust REIT Stock Down 1.8%

Shares of CareTrust REIT stock opened at $33.19 on Friday. The stock has a market capitalization of $7.24 billion, a P/E ratio of 42.01, a PEG ratio of 1.25 and a beta of 0.82. The company has a quick ratio of 3.82, a current ratio of 3.82 and a debt-to-equity ratio of 0.14. The stock has a 50 day moving average price of $34.07 and a two-hundred day moving average price of $30.98. CareTrust REIT, Inc. has a 12-month low of $24.79 and a 12-month high of $35.68.

CareTrust REIT Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th will be given a $0.335 dividend. This represents a $1.34 annualized dividend and a dividend yield of 4.0%. The ex-dividend date of this dividend is Tuesday, September 30th. CareTrust REIT’s dividend payout ratio is currently 111.67%.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Royal Bank Of Canada restated an “outperform” rating on shares of CareTrust REIT in a report on Monday, August 11th. Raymond James Financial set a $39.00 target price on CareTrust REIT and gave the stock a “strong-buy” rating in a research report on Tuesday, September 2nd. Wells Fargo & Company upped their target price on CareTrust REIT from $32.00 to $38.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 27th. Cantor Fitzgerald initiated coverage on CareTrust REIT in a research report on Wednesday, October 1st. They set a “neutral” rating and a $37.00 target price for the company. Finally, KeyCorp upped their target price on CareTrust REIT from $33.00 to $36.00 and gave the stock an “overweight” rating in a research report on Thursday, August 14th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, CareTrust REIT has a consensus rating of “Moderate Buy” and a consensus price target of $33.88.

About CareTrust REIT

CareTrust REIT, Inc’s (CareTrust REIT or the Company) primary business consists of acquiring, financing, developing and owning real property to be leased to third-party tenants in the healthcare sector. As of March 31, 2024, the Company owned directly or through a joint venture and leased to independent operators, 228 skilled nursing facilities (SNFs), multi-service campuses, assisted living facilities (ALFs) and independent living facilities (ILFs) consisting of 24,189 operational beds and units located in 29 states with the highest concentration of properties by rental income located in California and Texas.